Neeyamo trailblazes the use of the blockchain-based Internet of Careers® in India to accelerate background screening.
DENVER (February 1st, 2024) – Velocity Network Foundation®, a global non-profit technology consortium driven by the largest organizations in the workforce and education space, shared today that Neeyamo, a leading technology-enabled global payroll and EOR solutions provider for multinational and micro-multinational corporations worldwide, is set to join the transformation of the landscape of background screening in India by harnessing the power of Velocity Network’s revolutionary blockchain-based Internet of Careers®.
In a strategic move to accelerate the hiring process, improve compliance, and uphold the privacy and ownership rights of workforce individuals over their personal career and education records, Neeyamo is adopting blockchain-based credentialing solutions in the Indian market.
Neeyamo’s adoption of Velocity Network’s blockchain-based solutions is a significant step forward in India’s background screening landscape, promising a more efficient, compliant, and user-centric approach to talent acquisition and verification.
Velocity Network™, the Internet of Careers®, is a purpose-built decentralized protocol and blockchain network that forms a public infrastructure for the exchange of verifiable, trusted, and globally interoperable career and education credentials. Velocity Network™ represents the most ambitious collaborative endeavor ever undertaken by labor market stakeholders. Over 80 organizations are collaborating in developing and deploying the Internet of Careers®, including employer and education associations, HR and Education software vendors, staffing industry associations, and other global non-profit and multilateral organizations representing large job market stakeholder groups. Notably, this community includes software vendors serving over 30% of employers globally, with access to over 1 billion individuals who can claim, store, and share verifiable, trusted career credentials.
In the few months since the launch of Velocity’s Mainnet, this initiative gained impressive traction and sparked enthusiasm across the HR and Education software industries. Over 70 top software vendors are actively engaged to deploy their use cases on Velocity Network. Numerous organizations, including universities, employers, and training vendors, have seamlessly issued millions of tamper-proof credentials to hundreds of thousands of individuals that have been embracing Velocity’s career credential wallets. The industry is expecting at least 10 million users before the end of 2024.
Neeyamo will start using blockchain-based credentialing solutions to verify applicants’ education and career history in India.
As Neeyamo Chairman Ashok Bildikar says: “Embracing blockchain technology in the realm of careers, we’re not just innovating; we’re revolutionizing the very fabric of professional connectivity. Through our pioneering approach, we’re empowering individuals to navigate their career paths with unparalleled transparency, security, and efficiency. . We always endeavor to deliver our clients the fastest and most reliable solutions possible. Harnessing the latest blockchain technology through the ‘Internet of Careers’, allows us to do just that.”